According to reports, Venezuela’s main airport plans to start taking cryptocurrency as payment for tickets and other services.

The largest airport in Venezuela, Simon Bolivar International Airport, also known as Maiquetia, has recently stated that it plans to accept Dash, Bitcoin, and Petro as payment methods for airline tickets and other services.

The Maiquetia Airport director, Freddy Borges, spoke about the move and stated that the airport aims to take a variety of cryptocurrencies, including Bitcoin, Dash, and the Petro, a Venezuelan government-issued digital money.

The proposal, according to Borges, intends to make payments more widespread and modern.

He went on to say that the airport’s management will put up a crypto-asset payment system by the criteria of the local cryptocurrency authority, Sunacrip.

The Simon Bolivar International Airport, located in the heart of Caracas, Venezuela’s capital, sees over two million people pass through each year.

Borges stated that allowing bitcoin payment at the Simon Bolivar International Airport will help the company progress toward international standards and promote digital currency usage. In addition, he added that foreign visitors, especially those from Russia, would profit from the bitcoin payment option.

The Circulating Digital Bolivar

With Venezuela’s high inflation rate, virtually no one wants to pay in cash any longer. This phenomenon explains why the country uses cryptocurrency in a fundamentally different way than almost any other country. Cryptocurrencies are thought to make a living in Venezuela considerably easier.

A growing number of Venezuelans are putting their savings into cryptocurrencies, and Bitcoin and other digital currencies are increasingly being used for everyday transactions.

Venezuela was recently rated third globally in terms of daily bitcoin use by Chainalysis, a blockchain analytics firm.

Venezuela’s central bank has been experimenting with central bank digital currency (CBDC) – the digital Venezuelan bolivar – to redesign the country’s primary currency, the bolivar.

The central bank began circulating the CBDC on October 1st (the Petro, an oil-backed cryptocurrency launched by the government in February 2018).

The introduction of the controlled digital currency is seen as a temporary answer to Venezuela’s cash supply difficulties, given the country’s hyperinflation.

LEAVE A REPLY

Please enter your comment!
Please enter your name here